Dr. Olisa Agbakoba (SAN), Former President of the Nigeria Bar Association (NBA), has aired his opinion on how to cut down the price of fuel (PMS) to half its current price.
Agbakoba stated that bring down the current price of fuel is achievable provided that the Nigerian National Petroleum Corporation (NNPC) can supply crude oil to the country’s modular refineries at a naira price, this will speedily bring about significant change in cutting down the current price.
Agbakoba stated that the Federal Government should set aside a national crude oil programme for local consumption during an interview with the media( Vanguard).
He highlighted that subsidy has been removed and if the NNPC continues to sell at the international market rate fuel prices will remain high.
Speaking, he said, “I can give an idea of how to reduce the price of PMS today by half. To achieve that, NNPC should sell crude to many modular refineries in the country at a naira price. Why should NNPC sell our crude oil to Nigerian modular refineries in dollars? We must set aside a national crude oil scheme for local consumption.
“The price will drop to N300. I dare NNPC to try it; the price will drop. But if you sell it at the international market rate, how will those who are selling it locally source forex to buy and thereafter sell in Naira? They just have to jack up the price! That is the problem. It is important that the government understands how and when to make the right decision to help people and alleviate suffering”.
